Durables
Bosch weighs offer for appliance maker Whirlpool, say sources
German engineering group Robert Bosch is weighing a bid for U.S. appliances manufacturer Whirlpool, according to three people familiar with the matter, a move that would boost its position in the household appliances market.
As ACs start to sweat, cos plan machines the heat can't wilt
AC makers innovate to meet high-temperature demands, balancing efficiency and performance. The push for models operating in extreme conditions reflects the industry's commitment to providing effective cooling solutions. With a focus on advanced technology and supply challenges, manufacturers aim to enhance consumer experience in a changing climate.
Daikin to sell 2 million units of AC in FY25, expand manufacturing capacity of compressors
Daikin is focused on increasing its localisation level, leveraging the PLI scheme for the air conditioning sector. The company plans to enhance local manufacturing of PCB circuits to achieve this goal.
LEDs... and ACtion: White goods PLI may see light of day, again
The government is considering reopening the Production-Linked Incentive Scheme for White Goods (PLIWG) to boost domestic manufacturing of high-value components like compressors, copper tubes, and aluminium foils. The Department for Promotion of Industry and Internal Trade (DPIIT) is reaching out to industry players to gauge their interest in investing in the scheme, which aims to increase production of air-conditioner and LED light components.
Unprecedented AC demand forces makers to airlift components from abroad
Air-conditioning manufacturers in India are facing a surge in demand due to a relentless heatwave, leading to emergency airlifting of components like compressors and circuit boards from global suppliers. Prices are increasing by 4-5%, driven by metal cost hikes. Installations are delayed due to overwhelmed service networks. Industry players, caught off guard by a 50% growth in sales, are grappling with shortages and unexpected demand spikes.
Unrelenting heat sets AC demand on fire, scorches buyers' pockets as India's torrid summer goes on and on
As an unprecedented heat wave drives much of India indoors, AC prices have shot up in most regions of the country. Along with prices, sales too have jumped conspicuously. For some players, keeping pace with rising demand has become quite a task, leading to shortages in several parts of the market.
With 30 pc topline growth, Godrej Appliances expects to join billion-dollar club in FY25
Godrej Appliances aims to become a billion-dollar company by the end of FY25 with a 30% growth in sales, focusing on new product launches and market expansion.
Indian room air-conditioner market to reach Rs 50,000 cr by FY29: Voltas
Voltas projects India's room air-conditioner (RAC) market to grow at a robust 12% CAGR, reaching Rs 50,000 crore by FY 2028-29. Intense competition from domestic and global players is expected to escalate, driven by rising summer temperatures, disposable incomes, and consumer finance accessibility. Voltas aims to bolster market leadership through expanded outlets.
Pankaj Rana appointed as CEO of Hisense
Hisense India has appointed Pankaj Rana as its new CEO, replacing Pranab Mohanty. Rana, a seasoned industry veteran with over two decades of experience, will lead the company's strategic initiatives, drive business growth, and expand the customer base. He will also strengthen the brand presence. Rana has previously worked with companies like LG, Panasonic, Benq, and Reliance Retail.
Turnaround slower, but VIP's on recovery path: Chairman Dilip Piramal
VIP Industries posted a 10% rise in net sales at Rs 2,215 crore last fiscal. However, net profit plunged to Rs 28 crore in FY24 from Rs 161 crore in the previous fiscal.
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Havells India partners with Jumbo Group for kitchen appliances in UAE
Havells India has partnered with Jumbo Group in the UAE to introduce kitchen appliances. Online sales on jumbo.ae will be followed by retail distribution. Havells aims to enhance brand presence and customer accessibility. Jumbo Group CEO emphasizes providing the best products for customers' convenience. After-sales service for Havells products in UAE will be managed by Jumbo Serve.
Nisaba Godrej quits VIP Board over differences
Nisaba Godrej resigned as independent director from VIP Industries board due to differences in leadership accountability and succession planning, effective June 3rd, 2024. In a letter to Chairman Dilip Piramal, she praised the company but expressed diverging views. VIP Industries, a luggage category leader in India, faces challenges amidst reports of potential promoter stake sale, competition from Samsonite and Safari Industries, and declining profits despite a 10% rise in net sales last fiscal.
AC makers clock two-fold jump in sales in May amid scorching summer
Voltas, LG Electronics India, Blue Star, Daikin India, and Panasonic India have all experienced significant growth in AC sales in May, with projections for continued momentum and challenges ahead.
That AC or fridge you were planning to buy just got more expensive
Consumers in Kolkata will experience 2-5% price hikes on electrical goods due to factors like high inflation rates in copper and aluminium, freight cost increases, Red Sea crisis, and rupee depreciation.
Summer products sales go off the charts
Demand for ACs surges in India as retailers face shortages, leading to production challenges for brands like Haier. Voltas office saw a retailer camping out for stock, while managing director Pradeep Bakshi dealt with high demand and depleted inventory.
Orient Electric appoints Ravindra Singh Negi as Managing Director and CEO
Orient Electric, part of the $3 billion CK Birla Group, has appointed Ravindra Singh Negi as its managing director and CEO, effective May 31, 2024. Negi, with extensive experience in electrical consumer durables, will guide the company towards sustained growth. He will be based in New Delhi and succeed Deepak Khetrapal as managing director.
